NorthMarq’s Phoenix and Dallas teams sell and finance Terrace Park Apartments, continuing record-setting production
PHOENIX, ARIZONA (May17, 2021) – NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $37,860,000 sale of Terrace Park Apartments located at 8130 W Indian School Road in Phoenix, Arizona. The transaction represented the second highest sales price in the Maryvale/Estrella submarket (apartments with 50+ units) during the previous year. The area saw seven multifamily sales containing 1,518 units since September 2020.
The 213-unit value-add apartment community (price/unit - $177,746; price/sq.ft. - $218.07) is located at 8130 West Indian School Road, Phoenix, Arizona. Built in 1984, the complex features 90 percent two-bedroom units. The seller was Western Wealth Capital and the buyer was Tides Equities. This marks the eleven multi-family acquisition for the Tides team this year.
“Arranging the sale and securing the financing on this transaction solidifies the fact that that the Phoenix multifamily market is still flourishing even on the heels of the pandemic,” said NorthMarq’s President, Trevor Koskovich. “This sale is one of the highest price-per-unit transactions in the west Phoenix submarket.”
The buyer plans to continue the interior and exterior value-add renovations started by the seller and rebranding the community. Terrace Park’s strategic location in the west valley places the apartment complex within the epicenter of population and employment growth.
NorthMarq’s Dallas debt and equity team of Jeff Erxleben, Lauren Bresky, and Kevin Leamy financed the acquisition for the buyer with an 80 percent LTC debt fund execution with 100 percent funding of future capex.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
